With ski season right around the corner, hundreds of condominium owners in the town of Waterville Valley are more focused on falling bank account balances than snow totals.

Police in the small resort community last week executed a search warrant at Stone Property Management as they investigate what they call deficiencies in the bank statements of 17 condominium associations.

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"We've obtained records -- accounting ledgers and such -- from the business, and we're going through that information right now to determine what our next step is," said Christopher Hodges, director of public safety.

Police said the deficiencies in the condo association bank statements are in the tens of thousands of dollars in some cases. Of the 35 condo associations in Waterville Valley, 27 use Stone Property Management for financial and building maintenance.

Attorney Peter McGrath told News 9 that the company is working with police.

"Bill Stone discovered the bookkeeping irregularities and reported them to police," McGrath said. "He and his son, Sean, are cooperating fully with the investigation and have filed the appropriate insurance claims."

Police said they have been in contact with the attorney general's office and state police, and while local police are still gathering evidence, they think a case of this size will ultimately be handled at a higher level.

"It looks at this point above what we can do here at our department," Hodges said.

Chris Sununu, CEO of Waterville Valley ski resort, said he was aware of the investigation, but he doesn't believe the issues the condo associations are facing will keep skiers and vacationers from the slopes this winter.

The ski resort is a separate business from the town of Waterville Valley and the properties there.